The Marijuana Business News with Jimmy Young, Debra Borchardt, Solomon Israel, and Phil Adams!
The Weed Talk NEWS covers High Times, Tilray, and DEA lawsuits
This week’s Weed Talk NEWS goes live with Jimmy Young of Pro Cannabis Media, Debra Borchardt of Green Market Report, Solomon Israel of MJ BIZ International, and Phil Adams of Vote Pro Pot. This week’s news talks about Tilray shutdowns, High Times loses a key dispensary in San Francisco, the DEA get sued for cannabis legalization, and Massachusetts opens back up for recreational sales.
Each weed the Weed Talk NEWS team tries to bring you the latest news for that weed from the marijuana industry. We will be adding a South American/Jamaican news minute, as well as a legal minute about the cannabis industry as well. New videos for the week get published on Friday at 4:20pm EST on the Pro Cannabis media site, as well as YouTube, and CLNS media! If you have a cannabis news perspective or want to join the “zooming” around the world for cannabis news and opinion just email jimmy@procannabismedia.com with questions.
With the highlight of the week being Massachusetts re-opening recreational sales, big news for a state with not necessarily the biggest pro-weed Governor in America. High Times also got hit again with a new lawsuit related to their pending Harvest Health deal. It seems a dispensary in San Francisco that chairman of the board at High Times Adam Levin called “the crown jewel” of the Harvest deal won’t be going to High Times after all. The owner is a social equity applicant that may have been duped into share sales and deals leading up to someone else selling his dispensary. The city of San Francisco is getting involved and it appears there is little chance that dispensary ends of in High Times’ hands.
Deb Borchardt covers cannabis earnings’ season on Wall Street with many firms missing targets and either closing or selling off assets. Aggressive investors drove cannabis stocks higher this week with news of cannabis helping in the fight against COVID-19 and the Safe Banking Act being part of the third stimulus bill the House passed. The bill still has to pass the Senate and it appears there is a 50/50 chance at best that they don’t pull the Safe Bank Act out of the overall bill.
Stay tuned as more news about cannabis companies getting PPP loans and this time not a good thing. It appears CFN media received over $200,000 in PPP money but will not be paying employees with it. This could turn into a black-eye for the cannabis industry that never needed to happen. Getting a PPP loan as a pot company is not allowed, but then getting one and not using it for required salary or rent expenses is a bug in search of a windshield with the US Federal government.
Time will tell if cannabis companies get to keep their PPP funds without Federal government inquiries or if they will be required to give it back, or worse, be accused of Federal PPP fraud.
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